HDFC Bank raises 3- to 5-year FCNR(B) deposit rates by up to 260 bps to 6%
This story was originally published at 15:07 IST on 10 June 2026
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--HDFC Bank raises 3-5 year FCNR(B) deposit rates by up to 260 bps to 6.00%
MUMBAI – HDFC Bank Ltd. raised its interest rates on foreign currency non-resident dollar-denominated bank deposits for tenures ranging from three to five years to 6.00% effective Wednesday, according to an update on the bank's website. This makes HDFC Bank the first large private-sector lender to do so after the Reserve Bank of India Monday notified details of its concessional swap window for such deposits till Sept. 30.
Prior to the change, HDFC Bank offered 3.65% on FCNR(B) deposits for a tenure ranging from three to less-than-four years, and 3.40% on deposits for 4-5 years. This marks a raise of up to 260 basis points on the interest rates.
The bank has kept its interest rates on FCNR(B) deposits with tenures ranging from one year to under three years unchanged. Deposits maturing in one year to less than two years will continue to get interest at 3.95% while those maturing between two and less than three years will continue to get a rate of 3.60%. The RBI's dollar-rupee swap facility for fresh deposits is applicable on a minimum tenure of three years and maximum tenure of five years. The central bank has allowed banks to price these deposits as per their internal policy, but within the overall regulatory ceiling. As per a median of estimates from 16 market participants polled by Informist, this swap facility is expected to attract inflows of about $43 billion.
HDFC Bank reported a consolidated net profit of INR 192.21 billion for the March quarter on a total income of INR 898.09 billion. Wednesday, the shares of the lender were at INR 750 on the National Stock Exchange as of 1424 IST, up 1.6% from Tuesday. End
US$1 = INR 95.33
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Cassandra Carvalho
Edited by Rajeev Pai
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